The audacity of the Fed

hortysir

In Memorial of 47
Apr 30, 2010
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Alan Greenspan:

The Federal Reserve is an independent agency and that means, basically, that there is no other agency of government that can over-rule actions that we take.

The big multi-national banks and banking agencies that the OWS people are protesting are also private businesses.
Why does BoA and other banks get regulated to death but the Fed gets a free pass?

Somebody here said that "we" don't get the OWS protestors.
They're right, in my case. I don't.

Why aren't they protesting the Fed offices and branches?



Can someone, while we're at it, explain how the Fed maneuvered itslef between taxpayers and our government?
I mean, you can't just go to the Fed and take out a mortgage.
They're not your typical corner bank.
They get our tax dollars while we bitch and whine and moan about bailing out the other banks.


I'm sure I'll have further questions, but I'll see how this goes.
 
Alan Greenspan:

The Federal Reserve is an independent agency and that means, basically, that there is no other agency of government that can over-rule actions that we take.

The big multi-national banks and banking agencies that the OWS people are protesting are also private businesses.
Why does BoA and other banks get regulated to death but the Fed gets a free pass?

Somebody here said that "we" don't get the OWS protestors.
They're right, in my case. I don't.

Why aren't they protesting the Fed offices and branches?



Can someone, while we're at it, explain how the Fed maneuvered itslef between taxpayers and our government?
I mean, you can't just go to the Fed and take out a mortgage.
They're not your typical corner bank.
They get our tax dollars while we bitch and whine and moan about bailing out the other banks.


I'm sure I'll have further questions, but I'll see how this goes.

Go read a book.

If you don't understand the realtionship between the FED and the government, you don't know enough to even ask a question that makes sense.
 
Go read a book.

If you don't understand the realtionship between the FED and the government, you don't know enough to even ask a question that makes sense.

Judging by Greenspan's remark, there is no "relationship" between the two entities.
The FED can do as it pleases with no accountability.

I'm just asking "Why?".
 
...The FED can do as it pleases with no accountability...
That hasn't been established here, but something we have nailed down here is the fact that this is a forum where people can advance half-baked muddled thinking.
 
...The FED can do as it pleases with no accountability...
That hasn't been established here, but something we have nailed down here is the fact that this is a forum where people can advance half-baked muddled thinking.

Please detail, from you boundless font of wisdom and accuracy, the nature of accountability by which the Fed is so effectively constrained.

I know they themselves SAY that they are accountable. They SAY so. Why, they have to publish transcripts of their meetings and they have to report to Congress, twice, annually!

http://www.federalreserve.gov/faqs/about_12798.htm

There is no finer check on the Fed than that, man.

"We are fully accountable. We have to report twice a year!"

Whew.

They clearly can't do anything without being -- completely reined in. Excellent.

(Oh fuck. Is my sarcasm button malfunctioning again?)
 
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...The FED can do as it pleases with no accountability...
That hasn't been established here, but something we have nailed down here is the fact that this is a forum where people can advance half-baked muddled thinking.

Are you letting your avatar do the typing?

Did you not read Greenspan's remark?

*** there is no other agency of government that can over-rule actions that we take ***

Explain how the FED is held accountable, please
 
The Federal Reserve has our government by its financial testicles. They print our money. They set the prime interest rate. They have the major banks by the balls, who in turn have the major corporations by the balls, who in turn have the Congresscritters and WH by the ...well you get the idea by now, surely.

The Federal Reserve is the biggest bunch of thieves on the planet and they do not take shit from anyone, much less the government that they own.
 
Go read a book.

If you don't understand the realtionship between the FED and the government, you don't know enough to even ask a question that makes sense.

Judging by Greenspan's remark, there is no "relationship" between the two entities.
The FED can do as it pleases with no accountability.

I'm just asking "Why?".

Well there is. Greenspan didn't mean there is no relationship.
 
The FED is a "quasi-government" organization.

It is a privately owned corporation controlled by a board of governors. Some of that board is chosen by the member banks who own the FED, some are selected by the Federal government but the Chairman of the FED is chosen by the POTUS with the approval of Congress.

The FED operates largely outside the control of the executive or congress to insure that the economic decisions it makes are not influenced by politics. (yeah I know, that makes me laugh, too)

That is why legally, the FED does not answer to the Federal government.

Basically the FED is big CAPITAL which has more authority over the economy than our DEMOCRATIC REPUBLIC's ELECTED OFFICIALS.

This is how the very few control the fate of the many, amigo.

This is where the rubber meets the road when it comes to showing you that the concept of our DEMOCRACY is largely an illusion.
 
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...the FED does not answer to the Federal government. Basically the FED is big CAPITAL which has more authority over the economy than our DEMOCRATIC REPUBLIC's ELECTED OFFICIALS...
Normal people know that the Fed was created by Congress, appointed by the President and backed by the Courts, and that this control could reverse over night. Most posters on this thread are not in the 'normal' group, they're with--
breslin_l.jpg
 
The FED is a "quasi-government" organization.

It is a privately owned corporation controlled by a board of governors. Some of that board is chosen by the member banks who own the FED, some are selected by the Federal government but the Chairman of the FED is chosen by the POTUS with the approval of Congress.

The FED operates largely outside the control of the executive or congress to insure that the economic decisions it makes are not influenced by politics. (yeah I know, that makes me laugh, too)

That is why legally, the FED does not answer to the Federal government.

Basically the FED is big CAPITAL which has more authority over the economy than our DEMOCRATIC REPUBLIC's ELECTED OFFICIALS.

This is how the very few control the fate of the many, amigo.

This is where the rubber meets the road when it comes to showing you that the concept of our DEMOCRACY is largely an illusion.

Don't forget to mention government gets all the profits except the "interest" paid on the capital that the member banks invested (I believe 6% on 20 billion or something like that, maybe wrong).

fed is to not supposed be democratic. Printing press controlled by majority is a terrible idea. Then again, it seems like it already pretty much is.
 
...the FED does not answer to the Federal government. Basically the FED is big CAPITAL which has more authority over the economy than our DEMOCRATIC REPUBLIC's ELECTED OFFICIALS...
Normal people know that the Fed was created by Congress, appointed by the President and backed by the Courts, and that this control could reverse over night. Most posters on this thread are not in the 'normal' group, they're with--
breslin_l.jpg

You have been somewhat misifnormed, amigo.

  • Seven Governors are appointed by the President and confirmed by the Senate, and so are directly connected to the political process.
  • The Governors represent the public sector.
  • They serve 14-year terms to insulate them from short-term political pressures and to encourage a long-term perspective on the economy and the financial system.a
  • The Chairman and Vice Chairman of the Board of Governors are appointed by the President and confirmed by the Senate to four-year terms.
Duties
  • Oversees the 12 Federal Reserve Banks and their budgets.
  • Sets depository reserve requirements and approves requests for discount rate changes made by the Reserve Banks.
  • Issues regulations on financial safety and soundness and consumer protection.
  • Leads the Fed's supervision and regulation of bank holding companies, domestic and foreign operations of financial holding companies, and statechartered banks that are members of the Federal Reserve System. (Staffs at the 12 Reserve Banks responsible for supervising financial institutions in their District operate under delegated authority from the Board of Governors.)
Federal Reserve System Structure and Governance: A Balance of Power: 2009 Annual Report - Philadelphia Fed


The Chairman and Vice Chairman of the Board of Governors are appointed by the President from among the sitting Governors. They both serve a four year term and they can be renominated as many times as the President chooses, until their terms on the Board of Governors expire.[62]

Q: Who appoints the Governors of the FED reserve banks from which the Board of Governors is selected?

A: NOT the Federal government.
 
...the FED does not answer to the Federal government. Basically the FED is big CAPITAL which has more authority over the economy than our DEMOCRATIC REPUBLIC's ELECTED OFFICIALS...
Normal people know that the Fed was created by Congress, appointed by the President and backed by the Courts, and that this control could reverse over night.

It reversed a long time ago once the TBTF banks that compose the Fed started donating major resources to re-elect their favorite whores, errr, I mean, politicians to Congress and the WH.


Most posters on this thread are not in the 'normal' group, they're with--
breslin_l.jpg

The 'normal' group is too stupid to manage a Seven Eleven, if it is true that to be a good manager of said store one should have an IQ of at least 110 or so.

The 'normal' group does not know who their state representative is.

The 'normal' group watches more proffessional sports on television than they read about the political process that affects major changes in their lives.

The 'normal' group is a bunch of average to way below average dunces who couldnt be bothered to know shit from shinola about the Fed or anything else that isnt shiny, or on TV, or does nothing to grab their attention.

Why the hell would anyone want to be 'normal' as it pertains to politics and economic knowledge?
 
...Printing press controlled by majority is a terrible idea...
What, the thread starts with hating the thought of total control by the fed chairman and now we're hating control by the voters?

Actually the thead started with a quote and a question.
Anyone above your level of "normal" and knows anything about me knows that I admittedly suck at Econ-101.

Ed might have started a little snarky but he's always been a good source of information for me.

You, however
:eusa_whistle:
 
...the TBTF banks that compose the Fed started donating major resources to re-elect their favorite whores, errr, I mean, politicians to Congress and the WH...
The idea being bankers bribe the federal government officials that control the Fed that regulates the bankers. Sounds like a problem with corrupt officials and bankers, not the Fed.
 

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